how long does it take for credit rating to improve?

loopyloulou_3

I have tried to open a new joint acc for me and my OH, but due to his bad credit rating we were refused by Halifax (incidently who we already have a mortgage with) and I was wondering how long it takes (now he is on top of his payments and hasnt missed any for a long time) for his credit rating to get better.

thanks

Lou x

Bells&Whistles

I'd like to know that too if anyone can shed some light ! have some repairs to make to my "score" and need to know how long its likely to take.

sazzler

and while we're on the subject, can anyone advise how long a default is logged on your file?
thanks
:T

CLAPTON

a default is logged on your file for six years

Mirtos

Well, I have a default from just over 5 years ago still on my file, and I'm told it takes 6 years. HTH

Mirtos

B*gger. too slow :rotfl:

sazzler

CLAPTON wrote:

a default is logged on your file for six years

thats just super....
i wanted to be buyin a house in 3 years when im DF..
not likely eh!:cool:

CLAPTON

just because the defaults are on your file for six years doesn't mean you can't get credit.... for a mortgage, because the lending is secured, deposit and ability to pay the mortgage are taken into account and an old default may not stop you getting the mortgage.

even with unsecured lending, many lenders look at the last three years rather the the whole six.

GrannyKnits_2

If it's any help mrGK and myself went into Lloyds TSB yesterday and were talking to a financial advisor. He told us that if you are late on a payment, (even by just a week), for such as a credit card/loan payment, this would then leave a record on your credit rating file for six months. Any one who then needs to carry out a credit search, as in your case loopyloulou, for a new bank account, would be able to see this written on there. Similarly if you have been discharged early from bankruptcy, this would also stay on your file for a futher six months.

You don't say whether you applied on-line, sent a written application or actually went into your bank. Sometimes the personal touch can work in your favour. If you went in and asked to speak to someone about opening an account, you could then tell them about your situation and that you were now back on track and had been for a while. If you are refused credit or refused a debit card, the advisors are able to phone up the credit scoring people and explain to them that they think you should be entitled to an account/debit card, as long as they can give a valid reason, ie. good regular payments now, early discharge from bankruptcy etc. Of course this does not then guarantee you would get it but anything is worth a try. If you don't ask, you don't get:D

Also if you were able to have money paid into the account on a regular basis might also help, this would show willing on your behalf.

Have you tried just opening a basic bank account because even with a poor credit history you should be eligible for these. I won't list them all now but some kind people have them listed within this section. Just type into search above.

Then again you do mention the Halifax :eek: and I am sure many people remember the stories that made the news regarding their stance on customers who were in trouble.... Before any one jumps to criticise this statement, I will say that some people have no problems what so ever with them!

Hope you and Mrl manage to get an account sorted out one way or another,
GrannyKnits

donglefan

I called Nationwide today because they won't give me a visa card owing to zero credit rating; they are willing to review after 6 months "if I run my account responsibly" (I've been running my current account elsewhere responsibly for twenty years and I don't know why banks cannot communicate with one another ); anyway I am not sure whether this six month review is standard.